By Claire Cain Miller
The reactions last week flowed like those to a Rorschach test.
Were the young founders of Snapchat, a mobile-messaging start-up, delusional for turning down a multibillion-dollar buyout offer? Greedy to think they might get more later? Or courageous to chase their dreams?
The decision they faced — to cash out or remain independent — is one that all successful technology entrepreneurs eventually confront. The founders face cold business considerations: pressure from investors and workers who want liquidity, and complex calculations about timing in a dynamic industry. But the choices also involve ambition and exhaustion, competition and loyalty, dreams and reality…….